At the backdrop of the destruction of both public and private properties and business activities in the country, the Abuja Chamber of Commerce and Industry (ACCI) has disclosed that Abuja suffered a huge blow, losing nothing less than N900m to the crisis.
Director General of the Chamber, Victoria Akai stated that at the heat of the crisis three  car stands in Apo Mechanic Village, a church and a filing station were burnt down. She also said several shops and vehicles were vandalized and destroyed, stressing that “the loss is massive”.
“The economic impact occasioned by COVID-19 pandemic is likely to be more severe if the current unrest and curfews persist beyond this month.
” Nigeria is still struggling from the negative impact of several weeks of lockdowns occasioned by the COVID-19 pandemic and the downturn in the price of crude oil. And now with this, the time line for economic recovery may take several years.
” During the 2021 Budget speech, President Muhammadu Buhari had warned Nigerians to prepare for a recession.
” Nigeria’s real GDP growth for 2019 was estimated at 2.3% by the AfDB. It was an improvement on the 1.9% estimate for 2018. The achievement of a growth of 2.3% in 2019, was commendable despite the uncertainty in election outcomes, policy implementation slowdown and sell-offs by foreign investors in 2018″ she said.
Akai however said the projections are gloomy as the ongoing crisis has weighed on investors sentiments and activity levels have remained low.
She noted that the crisis will negatively impact in the perception of Nigeria as an investment destination.
“Generally, the impact on businesses in Abuja is likely to worsen the job crisis and negatively impact government’s efforts to revive the economy” she said.
“The situation has also forced us to postpone the date of the 15th Abuja International Trade Fair to the 24th November, 2020 to the 4th of December. The Fair was initially scheduled to take place on the 22nd of October to 2nd of November, 2020” she added.
“The country is experiencing an increased number of youth delinquencies because they have so much time on their hands doing nothing” she said.
The DG therefore called on the Nigerian government to constructively engage youths in its policies and programmes in order to curb youth delinquency in the country.
“Government should also engage them in skills acquisition and empower them” she said.